US regulatory door opens for crypto perps
The guest argued that Kalshi's regulatory approval for a BTC perpetual product sets a precedent that opens the door for US domestic regulated perpetual products.
The argument
The discussion highlighted how this regulatory shift could trigger a wave of competition from both crypto-native platforms and traditional brokerages looking to offer onshore derivatives. Robinhood was noted as already exploring offshore perps and potentially positioned to benefit from onshore expansion.
The thesis, stress-tested
✓ What validates it
- ✓Other brokerages receiving CFTC approval for domestic perps
- ✓Launch of a regulated US entity by major offshore perp platforms
▸ Risks discussed
- ▸Regulatory compliance costs for US entities
- ▸Siloed liquidity between onshore and offshore platforms
Hear it yourself
"I mean, is that not the lesson that, okay, they own so much Bitcoin, selling 25 Bitcoin and getting your share price punished by 6% is a very strong you know, that gets internalized pretty quickly. No? Or I think just, disclose it several months after the fact. You know? It's like I mean, to your point well, I mean, you also you know, purportedly, this was, like, around testing market liquidity, but I'm, like, highly testing liquidity. I'm, like Testing liquidity. Liquidity to Yeah. But it's, like, this isn't actually, you know, meaningful, meaningful change. I it does feel like there are, obviously, are, like, you know, macro jitters, but now stock market's, you know, new all time high."
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